~ Okay' ... Moving Forward ~
So, the point in time, is September of 2008' ...
"Landefeld" tells us that WMI and all of it's subsidiary's' ... all kept their accumulated cash earnings in its own Banking sub ... WMB ... which of course was seized' ...
So, when JPMorgan was designated as the receiving bank, ... all of the deposits held within WMB' were immediately transferred for servicing to JPMorgan' ... well, that included WMI and its subs' cash also to the tune of some $4 billion dollars' ... So, as we all remember, JPMorgan had a fit, thinking and stating that, as the designated receiving bank, ... ALL deposits became under JPMorgans control which would have included WMI' and it's subs $4 billion, which was being held at WMB when seized' ...
Now, ... remember' ... The OTS / FDIC at the time, was touting that the seizure of - WaMu - would NOT cost the public or the FD-Insurance-C' Fund any money' ... So, ... the WMI cash' held in WMB' needed to be rolled back to handle the ongoing WMI Bankruptcy and its creditors ... as the cash only reporting within the debtors, MOR' cash aspects of the forward moving WMI Bankruptcy' were recorded' ... again, the MOR's only reported cash'
Legally, ... after a financial institution is seizure ?, ... The FDIC's mandate is to ... 1st) recover on behalf of the depositors ... 2nd) recover on behalf of the creditors' ... and ... 3rd) recover on behalf of the owners of the estate'
So, ... The FDIC and JPM, simply could not actually have it both ways ... WMI's ... CASH ... needed to be returned to the WMI BK filed debtors estate, so the FDIC could save face and state that - WaMu - didn't actually cost the public anything' ...
and' ... the WMI' BK could then move forward, ... as you observed earlier, ... utilizing only the WMI CASH' held in WMB ... and subsequently, using the WMI Cash' and Tax Returns to satisfy the reorganizational creditor process' ...
Remember, throughout all of this time, ... WMI's cash earning illiquid assets, secured safely within its own subs' WMIIC (WMI Investment) ... are being ~ Managed ~ and Bankruptcy Protected, and, are also being Court Approved, managed by A&M and it's massive staffing' ...
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